Productivity And Costs — 1997-02-11

The Bureau of Labor Statistics of the U.S. Department of Labor today reported preliminary productivity data--as measured by output per hour of all persons--for the fourth quarter and for the full year 1996. In the fourth quarter, productivity advanced 2.4 percent in the business sector as output grew 5.8 percent and hours worked rose less--3.4 percent (seasonally adjusted annual rates). In the nonfarm business sector, productivity rose 2.2 percent as output increased 5.9 percent and hours grew 3.7 percent. For the year 1996, the increase in productivity was larger than in the prior three years in both the business and nonfarm business sectors. Fourth- quarter productivity and related measures are summarized in table A and annual data in table B; both appear in detail in tables 1 through 5.